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WOW STORY OF THE DAY On Cloud Nine Again: How Swiss Precision Helped On Running Bounce Back from the Brink


Updated: July 16, 2025 18:54

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On, the Swiss-born running phenomenon, emerged from the Alps in 2010 with a vision to revolutionize the sensation of running. Their shoes, engineered for cushioned landings and explosive take-offs, quickly became a sensation from Olympic tracks to city pavements worldwide. Yet, even as On sprinted to a $10 billion valuation and global stardom, it faced its toughest test with a dramatic downturn. What happened next is a masterclass in brand resurgence.
 
Rise to the Top
Founded by Olivier Bernhard, Caspar Coppetti, and David Allemann, On launched in Zurich with its signature CloudTec cushioning, offering runners the experience of “running on clouds” using innovative, hollowed-out sole elements.
On’s early prototype won the ISPO BrandNew Award within months of founding, triggering a rapid global expansion. The shoes quickly attracted top athletes, celebrities, and everyday runners thanks to cutting-edge tech, Swiss engineering, and stylish design.
Strategic moves included a focus on specialty retail channels and forging credibility among core running enthusiasts before expanding to mainstream wholesale and direct-to-consumer channels.
 
The Brutal Dip
Despite rocketing to a multi-billion dollar valuation, On encountered a sharp market dip amid global headwinds and intensified competition, leading to a significant decline in growth and market cap in 2022.
The dip tested On’s brand loyalty, exposing vulnerabilities in overexpansion and market volatility.
 
Brand Mastery: The Comeback
On doubled down on product innovation, launching new models like the Cloudboom for the 2024 Olympic Games and pioneering sustainable features with circularity programs and trade-in platforms.
Their collaboration with brand ambassador Roger Federer fueled further buzz, while the brand’s identity—rooted in Swiss precision and adventure—remained unwavering.
On refined its distribution strategy, limiting wholesale expansion to avoid overstock and focusing on in-store education, premium experiences, and direct customer engagement.
By 2025, On rebounded, growing revenues to new highs, retaking shelf space from established giants, and reigniting excitement with every launch.
 
Sources: On Running official site, Companies Market Cap, JD Sports

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